Press release
Weather Information Technologies Market : Structure and Overview of Key Market Forces Propelling Market
In 2016, North America was the largest regional market for weather information technologies and is anticipated to dominate the global market throughout the forecast period. Increasing demand from the aerospace & defence, oil & gas and railways sectors coupled with improved accuracy in terms of weather forecasting are factors expected to drive growth of the global weather information technologies market.In terms of value, the North America weather information technologies market registered a CAGR of 3.9% from 2012–2016 and is expected to exhibit a CAGR of 5.1% from 2017–2027. The APEJ weather information technologies market registered a CAGR of 4.0% from 2012–2016 and is expected to exhibit a CAGR of 5.4% in terms of value from 2017–2027. The weather information technologies market in MEA is expected to represent incremental opportunity of US$ 37.8 Mn between 2017 and 2027.
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The APEJ weather information technologies market is expected to register high Y-o-Y growth rates throughout the forecast period. The market in APEJ is also expected to exhibit a significant value CAGR during the forecast period. Within the APEJ region, revenue from the China weather information technologies market is projected to account for more than 28% share of the APEJ weather information technologies market by the end of 2027. The weather information technologies market in India is expected to represent incremental opportunity of more than US$ 15 Mn between 2017 and 2027.
Increasing expenditure on sea, road and railway transport and increasing demand from defence and agriculture verticals to boost the weather information technologies market in APEJ
Increasing expenditure of APEJ countries in improving sea, road and railway transport is expected to drive demand for weather information technologies in the region. The demand is expected to be high as governments have to know accurate weather forecasts during the construction process to avoid any adverse scenarios.
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Economic Belt connecting via road and 21st Century Maritime Silk Road connecting via sea route. In 2016, India and Iran signed a deal worth US$ 500 Mn to develop Iran’s Chabahar port so as to transport goods via sea to Afghanistan and Central Asia.
Increasing demand from defence and agriculture verticals is expected to provide support to the growth of the weather information technologies market in APEJ. The economy of South Asian countries including India, Pakistan, Nepal, and Bangladesh is primarily an agro-based economy with a large portion of the population relying on the agriculture sector, which is dependent upon rain from the monsoon.
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